You Are Recently Divorced and Have Relocated to Another State

question 78

Multiple Choice

You are recently divorced and have relocated to another state. In order to make substantial changes to your will you should

• A) prepare a new letter of last instruction.
• B) prepare a codicil.
• C) prepare a new will.
• D) have your existing will notarized in the new state.

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Definitions:

Price Ceiling

A legal maximum price that can be charged for a good or service, typically set by government to protect consumers.

Demand Curve

An image that graphically shows the relationship between an item's selling price and the quantities that consumers are interested in buying.

Consumer Surplus

The economic benefit consumers receive when they pay less for a product or service than what they were willing to pay.

Total Surplus

The total societal benefits from trading a good or service, encapsulated by the combination of consumer surplus and producer surplus in a market.